The St. Charles Companies announced today the sale of 76 acres in the Piney Reach Business Park to Competitive Power Ventures (CPV) for approximately $13 million. The Maryland-based CPV plans to construct a 725 MW natural gas power plant on the site.
"This is excellent news for St. Charles and for Charles County," said Mathew M. Martin, president of The St. Charles Companies. "Most importantly, the CPV plant will provide our county and our region with a reliable, clean source of electricity for decades to come. For Charles County, the plant will generate a significant number of construction jobs while the plant is being built, will bring approximately 24 high paying permanent jobs once operation commences, and provide additional environmental benefits by using gray water provided by Charles County for cooling, significantly reducing the amount of effluent released into the Potomac River and its tributaries. Best of all, the plant will significantly expand the property tax base of Charles County."
For St. Charles, the closing represents completion of a contract that was first executed in 2007.
"A key strength of our planned community is the flexibility of land uses," said Mr. Martin. "This project will serve as the cornerstone of the Piney Reach Business Park, which contains 700 acres of large, contiguous parcels suitable for light or heavy industrial use as well as commercial uses, representing some of the best remaining tracts in the Washington DC region. With infrastructure to the site, the prospects for further economic development in St. Charles are very bright."
St. Charles, MD is the best-selling new home community in Southern Maryland and is considered one of the most successful master planned communities in the Country, recently ranked 41st by industry data firm, John Burns Real Estate Consulting, in their independent ranking of the Top Selling Master Planned Communities of 2013 across the nation. Over the past few years, St. Charles was featured twice in The Washington Post and was profiled alongside the Washington area’s top master planned communities in The Washington Times (Master-Planned Towns, Age 50, Innovative Still). St. Charles has achieved record-level sales as buyers and renters recognize the advantages of a mixed-use community with unique features such as the Regency Furniture Stadium, the new West Waldorf library, and the new St. Charles High School, a state-of-the-art facility scheduled to open in the Fall of 2014. Named by CNN’s Money Magazine as one of the top twenty small cities to live in America, St. Charles is known for its diverse and abundant neighborhoods, lively retail centers, recreational opportunities and excellent schools. St. Charles appeals to all ages and lifestyles and has been named by U.S. News and World Report as one of the nation’s top bargains for places to retire. St. Charles invites you to like us on Facebook at St. Charles MD or visit us at www.stcharlesmd.com.
The St. Charles Companies includes American Community Properties Trust, The Apartments of St. Charles, American Land Development and St. Charles Community, LLC. The St. Charles Companies’ lines of business include the residential and commercial development of St. Charles, a 9,100 acre planned community in Charles County, Maryland and the ownership of an operating apartment portfolio of approximately 2,500 units in St. Charles.
Federal Capital Partners® acquired The St. Charles Companies in December 2009. FCP is a privately held real estate investment company that has invested in or financed more than $3.5 billion in assets since its founding in 1999. FCP is seeking equity, preferred equity and mezzanine debt investments in commercial and residential real estate throughout the Mid-Atlantic region, including Washington DC, Maryland, Pennsylvania, Virginia, Delaware, West Virginia, New Jersey and the Carolinas. FCP buys assets directly as well as through joint ventures with local operating partners. The firm, based in Chevy Chase, MD, owns and manages in excess of $2.3 billion in assets. FCP is currently investing its second investment fund, a $529 million commingled, discretionary fund closed in 2012. For further information on FCP, please visit www.fcpdc.com.